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6. The proper journal entry to record $1,000 of Dividends paid by Myer's Corporation is:a.Dividends1,000Cash1,000b.Accounts Payable1,000 Cash 1,000c.Dividends Expense1,000 Cash 1,000d.Dividends Expense1,000 Service Revenue1,000Answer7. Lynn Lipincott invested land valued at $5,000 in her business. This transaction would be recorded by:
Answer8. The trial balance:Answer9. Which of the following errors will be disclosed in the preparation of a trial balance?Answer10. The basic sequence in the accounting process can best be described as:
a. Transaction, journal entry, source document, ledger account, trial balance.b. Source document, transaction, ledger account, journal entry, trial balance.c. Transaction, source document, journal entry, trial balance, ledger account.d. Transaction, source document, journal entry, ledger account, trial balance.AnswerAccount.A record that is kept for each asset, liability, equity, revenue, expense, and dividendcomponent of an entitychart of accountsA listing of the accounts of an entity, along with any identification codingcontrol accountThe total of all subcomponent account records for an account; e.g., the sum of all individualaccounts receivablecreditThe nature of an action to an account to indicate an increase (liabilities, equity, andrevenue) or decrease (assets, expenses, and dividends); usually right-justified in an entrydebitThe nature of an action to an account to indicate an increase (assets, expenses, anddividends) or decrease (liabilities, equity, and revenue); usually left-justified in an entrygeneral ledgerA record of the accounts comprising financial statements, and their respective balancesjournalA chronological listing of the transactions and events of an organization, in debit/creditformatjournalizingThe process of recording transactions and events into the journalpostingThe process of transferring journal entry effects into the respective general ledger accountssource document
A document evidencing a transaction or event and potentially providing for the initiation ofa journal entrysubsidiary accountA subcomponent account record providing individual balance details; e.g., the record forone customer out of a group of customers comprising all accounts receivableT-accountAn abstract representation of an account, with the left side of the "T" representing debitsand the right side creditstrial balance